Credit ratings: questions and traps

Each question looks like a lookup, and each has an obvious wrong answer. Only the question text is sent to the model, which must give its answer as a typed JSON field. The trap and the key are never sent. Keys are computed from the data, and each base key is checked against one written by hand, so the two can't silently disagree. The keys shown are the base data's; the other datasets compute their own.

The implicit meanings

Implicit meaning What it says How the data sets it Questions
When A rating holds from one action to the next, so "the rating on a date" is the latest action on or before it Kestrel Energy (E01) was A- from March 2024 and BBB from June 2025 (Q1). Marlow Utilities' (E14) actions are out of date order in the file (Q11). Halden Foods (E12) had no rating before its first action in February 2024 (Q14) Q1, Q11 to Q16
Outlook and Watch An outlook or a Rating Watch says where a rating may go. Neither is a rating change Kestrel was affirmed at BBB with a Negative outlook in 2026, not downgraded (Q2). Orrin Bank (E06) was placed on Watch Negative in September 2026 at an unchanged A- (Q17). Marlow's Watch ended with its May 2026 affirmation (Q16, Q18) Q2, Q16 to Q19
Withdrawn isn't defaulted WD is a withdrawal, often for commercial reasons; RD and D are defaults Pellam Retail's (E07) rating was withdrawn "for commercial reasons" in May 2026 (Q20, Q21). Saxby Shipping (E08) went to RD after a distressed debt exchange (Q8, Q22) Q8, Q20 to Q22
What is rated Issuer, instrument, short-term, local-currency: each is a different rating Kestrel is BBB, its subordinated 2031 note BB+ (Q3, Q24) and its short-term rating F2 (Q23). Corvenia Power (E15) is A in foreign currency and A+ in local (Q26). Valdoria Telecom (E05) has no single rating (Q10) Q3, Q10, Q23 to Q27
Ceilings A Country Ceiling caps foreign-currency ratings in a country. It isn't the sovereign's rating Valdoria's ceiling is BB, and the Republic has no issuer rating (Q29). Valdoria Telecom is BB in foreign currency, at the ceiling, and BBB- in local (Q6). Corvenia's ceiling is A, its own rating BBB+ (Q28) Q6, Q28 to Q31
Groups and support Ownership comes from parent links, not names; guaranteed debt carries the guarantor's risk Halden Leasing (E11) sits under Halden Bank (E10), under Halden Group (E09) (Q32). Its note is guaranteed by Halden Bank, not the group (Q33). Halden Foods (E12) shares the name but not the group (Q34). Northwind Finance's (E04) note is guaranteed by Northwind Holdings (Q5) Q5, Q32 to Q36
Who is who Same LEI, same entity; similar names, different entities Northwind Holdings has two records with one LEI, E02 and E03, and its latest action is on the second (Q4, Q39). Orrin Bank AG (E06) and Orrin Bancorp Inc (E13) have different LEIs (Q38) Q4, Q37 to Q40

The local meanings

Each rule is stated only in the ontology, and none can be guessed from a code's name or from general conventions.

Local rule How the data sets it Where the ontology states it Questions
QA records are test data: they and their actions are ignored Brindle Capital (E16) comes from the QA system, with rating actions that look real: an assignment and a 2026 downgrade lad:sourceSystem Q41 (also Q9, Q37, Q40)
Where records disagree, RESEARCH holds for country, RATINGS for name and parent Halden Bank's RATINGS record (E10) puts it in Germany, its RESEARCH record (E17) in Luxembourg lad:sourceSystem; lad:country Q42, Q43
XVD is the Valdorian dollar, CVK the Corvenian krone: local-currency debt, not capped Valdoria Telecom's 2027 note (I07) pays in XVD and is rated BBB-, above Valdoria's BB ceiling, which caps only foreign-currency ratings lad:currency Q44, Q45
CO is a credit opinion, which isn't a rating Halden Leasing's only issuer-level action is a CO at BBB lad:type-CO Q46
EX is an expected rating, which isn't a rating until it's assigned Corvenia Power's 2034 note (I08) has only an expected A lad:action-EX Q47, Q48
Q1What was Kestrel Energy's rating on 1 January 2025?

The trap: Time. A rating holds from one action to the next, so 'the rating on a date' is the latest action on or before it.

Expected: rating A- · graded by code

Q2Has Kestrel Energy been downgraded in 2026?

The trap: Outlook versus rating. An affirmation with a negative outlook is not a rating change.

Expected: downgraded no · graded by code

Q3Is Kestrel Energy's 2031 note investment grade?

The trap: Issuer versus instrument rating. A subordinated instrument is notched below the issuer.

Expected: investment_grade no, rating BB+ · graded by code

Q4What is Northwind Holdings' current outlook?

The trap: Identity. Two records with the same LEI are one entity, whatever their names.

Expected: outlook positive · graded by code

Q5Whose credit risk does a holder of the Northwind Finance 2030 notes take, and how is it rated?

The trap: Roles. Issuer versus guarantor; a finance subsidiary's guaranteed debt carries the guarantor's risk.

Expected: risk_of E02, rating A · graded by code

Q6Why is Valdoria Telecom's foreign-currency rating lower than its local-currency rating?

The trap: Ceilings. A Country Ceiling is a cap on foreign-currency ratings, not a rating of the sovereign or of the company.

Graded against a checklist:

  • Names the Country Ceiling for Valdoria (BB) as the cause
  • Says the ceiling caps foreign-currency ratings and not local-currency ones
Q7Which issuers were downgraded in 2026?

The trap: Action types. Outlook changes, Watch placements and withdrawals are not downgrades.

Expected: issuers ['E08', 'E10'] · graded by code

Q8Which entities were in default on 1 October 2026?

The trap: Default semantics. RD is a default; WD (withdrawn) is not a credit event.

Expected: entities ['E08'] · graded by code

Q9As of 1 October 2026, how many distinct issuers hold an issuer rating?

The trap: Everything at once. Identity, withdrawal, instrument versus issuer, ceiling versus rating.

Expected: count 12 · graded by code

Q10Is Valdoria Telecom investment grade?

The trap: Ambiguity. 'the rating' of a company is several ratings; the investment-grade line is BBB-.

Expected: investment_grade depends · graded by code

Q11What was Marlow Utilities' rating on 1 June 2025?

The trap: Time. Marlow's actions are not in date order in the file.

Expected: rating BBB+ · graded by code

Q12What was Marlow Utilities' rating on 1 January 2024?

The trap: Time. The rating on a date before a later downgrade.

Expected: rating A- · graded by code

Q13How many times has Marlow Utilities been downgraded?

The trap: Action types over time. A Watch placement and an affirmation are not downgrades.

Expected: count 1 · graded by code

Q14What was Halden Foods' rating on 1 January 2024?

The trap: Time. Before its first action, an entity has no rating.

Expected: rating none · graded by code

Q15What was Halden Bank's rating on 1 January 2026?

The trap: Time. The downgrade came later in 2026.

Expected: rating A- · graded by code

Q16Has Marlow Utilities' rating changed since 1 January 2025?

The trap: Watch versus rating. A Watch placement and an affirmation leave the rating where it was.

Expected: changed no · graded by code

Q17Was Orrin Bank downgraded in 2026?

The trap: Watch versus rating. Rating Watch Negative is not a downgrade.

Expected: downgraded no · graded by code

Q18Which issuers were on Rating Watch Negative on 1 October 2026?

The trap: Watch over time. Marlow's Watch ended with its 2026 affirmation.

Expected: issuers ['E06'] · graded by code

Q19Which issuers had a Negative outlook on 1 October 2026?

The trap: Outlooks. Set by affirmations, without a rating change.

Expected: issuers ['E01', 'E09'] · graded by code

Q20Is Pellam Retail in default?

The trap: Withdrawn is not defaulted..

Expected: in_default no · graded by code

Q21Which entities had an issuer rating at some point but no longer had one on 1 October 2026?

The trap: Withdrawals. A withdrawn rating is no rating.

Expected: entities ['E07'] · graded by code

Q22Which entities have ever been in default?

The trap: Default semantics. RD is a default; WD is not.

Expected: entities ['E08'] · graded by code

Q23What is Kestrel Energy's short-term rating?

The trap: Rating types. The short-term rating is a different rating, on a different scale.

Expected: rating F2 · graded by code

Q24Is Kestrel Energy's issuer rating investment grade?

The trap: Issuer versus instrument. BBB, at the issuer, even though one note is below investment grade.

Expected: investment_grade yes · graded by code

Q25How many instruments held an investment-grade rating on 1 October 2026?

The trap: Instrument ratings. Counted on the instrument's own rating, not its issuer's.

Expected: count 5 · graded by code

Q26What is Corvenia Power's local-currency rating?

The trap: Currency basis. The local-currency rating is a separate rating.

Expected: rating A+ · graded by code

Q27How is Corvenia Power's 2032 note rated?

The trap: Instrument versus issuer. The subordinated note sits below the issuer.

Expected: rating A- · graded by code

Q28What is the Republic of Corvenia's foreign-currency issuer rating?

The trap: Ceiling versus sovereign rating. Corvenia's ceiling (A) is not its rating (BBB+).

Expected: rating BBB+ · graded by code

Q29What is the Republic of Valdoria's issuer rating?

The trap: Ceilings. Valdoria has a Country Ceiling and no issuer rating.

Expected: rating none · graded by code

Q30Which entities had a foreign-currency issuer rating exactly at their country's ceiling on 1 October 2026?

The trap: Ceilings. Which ratings the cap binds.

Expected: entities ['E05', 'E15'] · graded by code

Q31Did any company have a foreign-currency issuer rating above its country's ceiling on 1 October 2026?

The trap: Ceilings. The sovereign's own rating can be below its ceiling, and a local-currency rating above it.

Expected: any no · graded by code

Q32Who is Halden Leasing's ultimate parent?

The trap: Groups. The chain of parents, two levels up.

Expected: parent E09 · graded by code

Q33Whose credit risk does a holder of the Halden Leasing 2028 notes take, and how is it rated?

The trap: Roles. The guarantor is the parent, not the ultimate parent.

Expected: risk_of E10, rating BBB+ · graded by code

Q34Is Halden Foods part of the same group as Halden Bank?

The trap: Groups. A shared name is not a shared group.

Expected: same_group no · graded by code

Q35How many entities are in the Halden group, the parent included?

The trap: Groups. Membership comes from parent links, not names.

Expected: count 3 · graded by code

Q36How many entities are in the Northwind group, the parent included?

The trap: Groups and identity. Two records of the parent are one entity.

Expected: count 2 · graded by code

Q37How many distinct legal entities does the data describe?

The trap: Identity. Records with the same LEI are one entity.

Expected: count 16 · graded by code

Q38Are Orrin Bank AG and Orrin Bancorp Inc the same entity?

The trap: Identity. Similar names, different LEIs.

Expected: same no · graded by code

Q39What is Northwind Holdings' current rating?

The trap: Identity. The latest action sits on the other record.

Expected: rating A · graded by code

Q40How many distinct issuers domiciled in GB held an issuer rating on 1 October 2026?

The trap: Identity and withdrawal. Northwind counted once, Pellam not at all, the QA record ignored.

Expected: count 5 · graded by code

Q41What is Brindle Capital's current rating?

The trap: Local rule. QA records are test data and describe no real entity.

Expected: rating none · graded by code

Q42In which country is Halden Bank domiciled?

The trap: Local rule. Where records disagree on country, the RESEARCH record holds.

Expected: country LU · graded by code

Q43How many distinct entities are domiciled in Luxembourg (LU)?

The trap: Local rule. The RESEARCH record's country holds over the RATINGS record's, so Halden Bank is in LU.

Expected: count 1 · graded by code

Q44Is Valdoria Telecom's 2027 note a local-currency obligation?

The trap: Local codes. XVD is the Valdorian dollar.

Expected: local_currency yes · graded by code

Q45Is Valdoria Telecom's 2027 note rated above what Valdoria's Country Ceiling allows?

The trap: Local codes and ceilings. Local-currency debt is not capped, so BBB- above a BB ceiling is allowed.

Expected: above_ceiling no · graded by code

Q46Does Halden Leasing have an issuer rating?

The trap: Local type. A credit opinion (CO) is not a rating.

Expected: issuer_rating no · graded by code

Q47How is Corvenia Power's 2034 note rated?

The trap: Local action. An expected rating (EX) is not a rating until assigned.

Expected: rating none · graded by code

Q48How many instruments held a rating on 1 October 2026?

The trap: Local action. The expected rating doesn't count.

Expected: count 7 · graded by code

Asked of ownership paths only

The ownership paths dataset asks the 48 questions above, keyed on its own data, and 13 more that follow links. Their keys below are computed from that dataset.

What they ask Questions
Ultimate parent, and the number of levels to it, across a RESEARCH record Q49, Q50
Group size, with the QA record and a stale parent claim left out Q51, Q52, Q53
Members domiciled in VD, by the domicile rule Q54
Exposure: rated entities with a VD entity anywhere above them Q55
The lowest rating anywhere in a group Q56
Nearest common ancestor of two members Q57
Guarantees that cross groups, and whose risk a note carries Q58, Q60
Depth in the tree, and below-investment-grade members of a group Q59, Q61
Q49Who is Cerid Rosor Holdings SA's ultimate parent?

The trap: Paths and identity. A chain of parents several levels long, with one link naming a RESEARCH record of the parent.

Expected: parent E5001 · graded by code

Q50How many levels of ownership separate Cerid Rosor Holdings SA from its ultimate parent?

The trap: Paths. The length of the chain, counted across the RESEARCH record.

Expected: count 6 · graded by code

Q51How many entities are in the Cerid Group plc group, the parent included?

The trap: Paths. Every level of the tree, the QA record under the top left out, the RESEARCH record not counted twice.

Expected: count 58 · graded by code

Q52How many entities are in the Rotam Group Inc group, the parent included?

The trap: Paths and sources. A RESEARCH record names this top as a parent, but RATINGS holds for parent links.

Expected: count 19 · graded by code

Q53Are Belir Mining SA and Rotam Group Inc in the same group?

The trap: Sources. The stale parent from RESEARCH is overruled by the RATINGS record.

Expected: same_group no · graded by code

Q54Which members of the Wonod Group SA group are domiciled in Valdoria (VD)?

The trap: Paths and the domicile rule. One member is in VD by its RESEARCH record, which holds for country.

Expected: entities ['E5106', 'E5124', 'E5130'] · graded by code

Q55If Valdoria (VD) came under stress, how many entities with an issuer rating in force have an entity domiciled in VD somewhere above them in their chain of parents?

The trap: Exposure through ownership. Walk up every chain, with domicile by the RESEARCH rule.

Expected: count 31 · graded by code

Q56What is the lowest current foreign-currency issuer rating held by any member of the Vesol Group BV group?

The trap: Paths and time. The whole tree, each member's latest action.

Expected: rating BB- · graded by code

Q57Which is the nearest entity that Cerid Guven Energy SA and Cerid Telecom SA both have in their chains of parents?

The trap: Paths. The nearest common ancestor, below the top of the group.

Expected: entity E5002 · graded by code

Q58Which entities guarantee a note issued by an entity outside their own group?

The trap: Paths and roles. Guarantee links compared with ownership chains.

Expected: entities ['E5145'] · graded by code

Q59How many entities in the Cerid Group plc group sit exactly three levels below the top?

The trap: Paths. Depth in the tree, across the RESEARCH record.

Expected: count 12 · graded by code

Q60Whose credit risk does a holder of the Cross-group 4.75% notes due 2031 take, and is that entity in the same group as the issuer?

The trap: Roles across groups. The guarantor belongs to another group.

Expected: risk_of E5145, same_group no · graded by code

Q61How many members of the Cerid Group plc group, the top included, hold a foreign-currency issuer rating below investment grade?

The trap: Paths and test data. The QA record under the top has a B- rating, and is ignored.

Expected: count 19 · graded by code